Home Highlights October 2018 Year 2018 This

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1. Validity of remanding the matter to the Assessing Authority - the first appellate authority has adjudicated the controversy on merits and therefore, the tribunal, which...

2. The High Court dismissed the appeal filed by the assessing officer against the order of the Income Tax Appellate Tribunal, holding that no substantial question of law...

3. Revision u/s 263 - estimation of income - Entire exercise of the fact finding in the form of estimation of income under the powers conferred upon the Assessing...

4. Validity of the order of ITAT - Matter remitted back to the file of the Assessing Officer for reconsideration by Tribunal - Bogus LTCG - There was no material, which...

5. Capital gain tax - Transfer of shares by assessee to its wholly owned subsidiary - transfer of shares by way of alleged gift - the transaction is a circular transaction...

6. The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income,...

7. Estimation of income - On Money - Unaccounted on money receipt from the real estate project - the assessing officer being investigator and adjudicator was under...

8. The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

9. Clandestine manufacture and recovery of Central Excise Duty along with interest and penalty - suppression of facts and misrepresentation alleged against petitioner -...

10. Recording of wrong facts & reasoning by Tribunal - Tribunal did not correctly appreciate as to what AO and CIT (A) held and what was their reasoning which led to their...

11. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

12. Rejection of books of accounts u/s 145(3) - On money receipt - estimation of income - considering the facts that the project undertaken by the assessee comes under...

13. Revision u/s 263 - estimation of income - when the income assessed by the AO was far more than the income returned by the assessee and all the investments made by the...

14. Tribunal is custodian of the 1961 Act and is the last fact finding authority vested with powers of wide amplitude to enforce implementation of the provisions of the 1961 Act.

15. If the Tribunal is last fact finding authority and was dealing with a statutory Appeal, we would expect it not to dispose of the same by a cryptic and short order - HC